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Post-Keynesian Institutionalism after the Great Recession

  • Charles J. Whalen

    (Utica College)

Registered author(s):

    This article surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, against the backdrop of the current context, important research that paved the way for PKI today. Then it sketches essential elements of PKI – drawing heavily on the contributions of Hyman Minsky – and identifies directions for future research. Although there is much room for further development, PKI offers a promising starting point for economics after the Great Recession.

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    File URL: http://www.elgaronline.com/view/journals/ejeep/10-1/ejeep.2013.01.03.xml
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    Article provided by Edward Elgar Publishing in its journal European Journal of Economics and Economic Policies: Intervention.

    Volume (Year): 10 (2013)
    Issue (Month): 1 ()
    Pages: 12-27

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    Handle: RePEc:elg:ejeepi:v:10:y:2013:i:1:p12-27
    Contact details of provider: Web page: http://www.elgaronline.com/ejeep

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    1. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 807-828, July.
    2. Minsky, Hyman P, 1969. "Private Sector Asset Management and the Effectiveness of Monetary Policy: Theory and Practice," Journal of Finance, American Finance Association, vol. 24(2), pages 223-38, May.
    3. Hyman P. Minsky & Charles J. Whalen, 1996. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Economics Working Paper Archive wp_165, Levy Economics Institute.
    4. Hyman P. Minsky, 1998. "Uncertainty and the Institutional Structure of Capitalist Economies," Macroeconomics 9809015, EconWPA.
    5. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," NBER Working Papers 16429, National Bureau of Economic Research, Inc.
    6. John R. Commons, 1909. "American Shoemakers, 1648–1895 A Sketch of Industrial Evolution," The Quarterly Journal of Economics, Oxford University Press, vol. 24(1), pages 39-84.
    7. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    8. Linwood F. Tauheed, 2011. "A Proposed Methodological Synthesis of Post-Keynesian and Institutional Economics," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(4), pages 819-838, December.
    9. Buiter, Willem, 2009. "The unfortunate uselessness of most ’state of the art’ academic monetary economics," MPRA Paper 58407, University Library of Munich, Germany, revised 06 Mar 2009.
    10. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    11. Eric Tymoigne, 2007. "A Hard-Nosed Look at Worsening U.S. Household Finance," Challenge, M.E. Sharpe, Inc., vol. 50(4), pages 88-111, August.
    12. Christian Weller & Kate Sabatini, 2007. "The Financial Vulnerability of Families," Challenge, M.E. Sharpe, Inc., vol. 50(3), pages 72-98, June.
    13. Gordon, Robert Aaron, 1976. "Rigor and Relevance in a Changing Institutional Setting," American Economic Review, American Economic Association, vol. 66(1), pages 1-14, March.
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